Customers of collapsed letting agent unlikely to see a penny back
Tuesday 8th May 2012
Landlords and tenants who are owed money by a collapsed letting agent are highly unlikely ever to see a penny of it.
Joseph Newman, in Canterbury, went into liquidation after shutting up shop, owning a total of £413,321.
Joint liquidator Andrew Fisher, of Fisher Partners, said that of this sum, around £350,000 is owed to landlords and tenants. So far, 70 landlords and 249 tenants have been identified as having lost money, which appears to involve deposits.
Fisher said that the firm’s total assets available for creditors is £8,000, and that the liquidators’ investigation into its affairs is likely to take 18 months to two years.
Joseph Newman does not appear to have been a member of any of the trade bodies, and had no requirement to hold Client Money Protection insurance.
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